secunet in Q1 2007: Return to growth

Sales growth: +21% to €8.1 million / Profitabl e business: EBIT €0.1 milli / High level of orders: €21.5 million (+ 26%)

(PresseBox) ( Essen, )
secunet Security Networks AG, a leading provider of solutions and products for IT security and high security, has completed a successful Q1 2007. Sales were up 21% year on year to €8.1 million. The first quarter ended in the black with an EBIT of €0.1 million. The level of orders on hand of €21.5 million was 26% higher than the previous year's figure. Thus, the outlook for the year as a whole is a positive one.

In Q1 2007, the secunet group achieved a significant increase in sales. With consolidated sales of €8.1 million, secunet enjoyed the best ever Q1 sales level in the company's history. The previous year's sales were beaten by 21%. This was due to stronger demand for the company's entire product portfolio. There was strong year-on-year increase in the purchasing activities of public-sector customers: In Q1 2006 these were severely affected by a spending freeze.

On the cost side, secunet remains lean. As a result of increased deliveries, the cost of materials rose 13% compared with the previous year. The increase in the headcount (227 employees as of the end of the quarter, +4% year on year) is reflected in a 9% increase in personnel costs compared with Q1 2006. Depreciation and amortization and other operating expenses both rose 9%. Altogether, the main cost items rose €0.8 million compared with the previous year. Compared with Q1 2006, fewer provisions were reversed to the income statement and as a result other operating income fell €0.4 million.

The first quarter 2007 was completed with a profit. The earnings before interest and taxes were €0.1 million, after ‑€0.1 million in the previous year. After net interest income and taxes, secunet generated a quarterly surplus of €0.1 million after ‑€0.03 million in the previous year. The earnings per share were €0.01 (previous year €0.00).

The improved earnings situation also had a positive effect on cash flow, which nevertheless remained negative in Q1 2007 as a result of bonuses paid and also the decrease in current liabilities: After ‑€4.0 million in the previous year, the cash flow from operating activities in Q1 2007 was ‑€2.2 million.

The organizational restructuring of secunet was implemented in Q1 2007. With the "Public Sector" ("High Security" and "Government" business units) and "Private Sector" ("Business Security" and "Automotive" business units) divisions, secunet can offer its various customer groups focused, differentiated and requirement-driven service. The initial success of the restructuring program is becoming apparent in sales, enhanced by last year's sales efforts: The level of orders to 31 March 2007 rose to €21.5 million, 26% up on the previous year.

"We are very satisfied with business developments in the first quarter," says Dr. Rainer Baumgart, secunet Security Networks AG CEO. "The full order books, the high capacity utilization and the good economic climate leave us confident that this development will continue and that we will end up on a par with the very successful 2005."

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